We investigate determinants of lenders' choice to securitize loans, focusing on the quality of loans they sell to investors in the secondary mortgage market relative to ones they retain on their balance-sheets. Using several large datasets of mortgage loans originated between 2004 and 2007, we...

This paper examines the potential market impacts of continuous forbearance mortgages (CFM). This mortgage design embeds an insurance contract at origination that reduces the interest bearing balance to the smaller of the unpaid balance and an estimate of the current home value in exchange for an...

Asymptotic local power analysis has become an important and increasingly used technique in econometrics. This paper reviews the history of local power analysis and delineates the contribution of J. Neyman, E.J.G. Pitman, and G. Noether